If you plan to invest in shares, ETFs, or even apply to an upcoming IPO, you will need to open a demat account with a depository participant (DP).
In India, DPs connect you to the two central depositories, NSDL and CDSL, which hold your securities electronically. Because charges and experience vary, the best demat provider depends on your investment approach: long-term, active trading, IPO-focused, or research-led.
This article compares widely used options and highlights what you should verify before you sign up.
1) Kotak Neo
- Best For: Users who value a legacy broker with broader service support
- What Stands Out: A full-service experience, where research, reporting and assisted support can matter if you want more than a simple trading screen. It also works well for first-time investors who want a smooth way to explore an upcoming IPO once they are comfortable with the basics.
- Costs to Verify: Brokerage model, AMC, DP charges, and any service-linked fees based on your usage.
2) Groww
- Best For: Beginners and long-term investors
- What Stands Out: A straightforward interface that keeps investing tasks simple, making it easy to start with SIPs, stocks, and ETFs without feeling overwhelmed.
- Costs to Verify: AMC and DP charges, and whether frequent traders receive sufficient advanced order features for their trading style.
3) Upstox
- Best For: Traders who want a popular, app-first platform
- What Stands Out: A workflow designed for quick decision-making, with wide participation across equity and derivatives for users who trade regularly.
- Costs to Verify: DP charges, brokerage structure, and any platform-related fees, depending on the plan you choose.
4) Angel One
- Best For: Users who want research plus execution in one place
- What Stands Out: A research-led layer for ideas and market tracking, paired with trading tools for investors who like guidance alongside do-it-yourself control.
- Costs to Verify: Plan structure, AMC, DP charges, and how costs differ for delivery trades versus active trading.
5) Dhan
- Best For: Options traders and feature-focused users
- What Stands Out: A tool-heavy experience that appeals to active market participants who want a fast, trading-first interface and deeper controls.
- Costs to Verify: Any trading add-ons, DP charges, and whether the platform feels intuitive if you are investing rather than trading.
6) 5paisa
- Best For: Value seekers who compare pricing closely
- What Stands Out: A pricing-led approach that can suit budget-minded users who still want access across products like equities and mutual funds.
- Costs to Verify: What your plan includes, add-on service charges, DP charges, and any conditions tied to offers.
7) ICICI Direct
- Best For: Bank-backed preference and 3-in-1 convenience
- What Stands Out: Integration that can simplify fund transfers and holdings view, especially for users who prefer fewer moving parts while investing.
- Costs to Verify: Pricing plan versus discount brokers, brokerage model, and DP charges that apply when you sell.
8) HDFC Securities
- Best For: Investors who prefer a large, bank-backed ecosystem
- What Stands Out: A familiar service layer with research support, often preferred by investors who value an established setup over constant platform switching.
- Costs to Verify: AMC, DP charges, and whether the platform features match your trading frequency and product needs.
9) Zerodha
- Best For: Cost-aware investors and active traders
- What Stands Out: A clean, trading-focused experience with a mature platform ecosystem that many self-directed investors find easy to stick with.
- Costs to Verify: Annual maintenance (AMC), DP charges on sell transactions, and how brokerage applies across delivery and derivatives.
10) Motilal Oswal
- Best For: Investors with a preference towards research-based decision support.
- What Stands Out: Strong emphasis on research and advisory-style materials that can help investors who want structured inputs before placing trades.
- Costs to Verify: Pricing model for self-directed users, AMC, and DP charges, especially if you trade and rebalance often.
Quick Comparison Snapshot
| Provider | Best For | What Stands Out | Costs to Verify (AMC/DP/Brokerage) |
| Kotak Neo | Full-service comfort | Research and service options | Brokerage model, AMC, DP charges |
| Groww | Beginners, long-term investors | Simple app, investing-first flow | AMC, DP charges, delivery vs trading charges |
| Upstox | App-first traders | Fast workflow, broad market access | AMC, DP charges, pricing slab |
| Angel One | Research + platform users | Ideas/research blend with execution | Plan structure, DP, and platform fees |
| Dhan | Options and active traders | Feature-rich trading interface | AMC, DP charges, order-related costs |
| 5paisa | Value seekers | Pricing-led plans, multi-product | Plan inclusions, add-on charges |
| ICICI Direct | 3-in-1 convenience seekers | Bank integration, smoother funds flow | Account plans, brokerage, DP charges |
| HDFC Securities | Bank-backed platform preference | Research, familiarity, service layer | Pricing plan, AMC, transaction charges |
| Zerodha | Active traders, cost-aware investors | Stable ecosystem, clean tools | AMC, DP charges, brokerage plan |
| Motilal Oswal | Research-driven investors | Advisory and reports orientation | Plan fit, AMC, DP charges |
Conclusion
To open a demat account, match the provider to your behaviour, not someone else’s. If you trade frequently, prioritise platform reliability and total charges, including DP costs, rather than just brokerage.
For long-term investing and every upcoming IPO, you apply to focus on ease of use, clear reporting, and a transparent fee schedule. Depository services operate through DPs linked to NSDL or CDSL, so always double-check account terms before you begin.
